A JUNIOR bank clerk from Redbridge has been charged with masterminding a plot to steal a record breaking £70million from his employers.
Jagmeet Channa was arrested on suspicion of trying to defraud HSBC while working in a back office at its glittering 42-storey headquarters in Canary Wharf.
The amount is thought to be the UK's biggest ever attempted fraud by a company employee, and dwarfs the £4.3million a Goldman Sachs secretary stole from her bosses in 2001-2002.
City of London Police arrested the 25 year-old after he allegedly tried to transfer cash to another bank, and charged him with conspiracy to defraud, money laundering and abusing a position of trust.
Channa, from Ilford, is believed to have worked in a junior administrative role at the bank, leading to concerns over HSBC's security policy.
The incident has added another dent to consumer confidence in the banking sector, which is already shaky after the Northern Rock crisis and a series of rogue trader scandals in Europe and America.
In a statement, HSBC, which is Europe's largest bank, said that no customer accounts had been affected by the incident.
He said: "HSBC is cooperating fully with a police investigation into an alleged fraud at the bank. As the matter is before the courts we cannot comment further.
"No customer funds were involved and no transactions were disrupted. No customer or bank funds were lost in the alleged fraud."
As a junior clerk, Channa is not thought to have been involved in trading or broking at HSBC, which would not say how long it took to spot the fraud plot.
City of London Police said that three other men, aged 26, 33 and 38, remain on police bail in connection with the inquiry.
Channa has been remanded in custody to appear at Southwark Crown Court on, Wednesday, June 25.
